At 52.80 the business activity index weakened for the fourth consecutive month declining 2.94% since August and sliding 0.75% below the level seen a year earlier, the first year-over-year decline in 14 consecutive months.

It’s important to note though that only 3 of the 11 indicators cited in the report showed slowing growth since August while the "inventories" and “backlog of order” components actually contracted.